​DEERFIELD NEWS CONNECTION

April 4, 2025 

Security & Maintenance Fees Used for Loan Repayment

Without Owner Notification

 

A recent review of financial records and legal depositions has raised concerns about a claimed $110,000 loan between Fields Real Estate and Fields Development. The terms of this loan, where the repayment funds will come from, and its lack of transparency raise serious questions about financial management and potential risks to future HOA funds. Paula Fields LeJeune stated that loans made in 2021 and 2022 were documented with promissory notes however only a note for 2022 was produced.  Below are key concerns with the 2022 loan documentation, revealing potential flaws in the transaction.

 

Key Events

• Depositions, June 27-28, 2023:  Paula Fields LeJeune disclosed alleged loan amounts for 2021 ($5,000) and 2022 ($95,000), later revising the 2022 amount to $111,000. This increased the total amount of unsubstantiated loans to $301,000, from. the previously reported $285,844.07.

• Mediation, June 29, 2023:  Paula LeJeune produced a promissory note for $110,000, signed on December 31, 2022. This document was not shared until after depositions revealed its existence.

• Promissory Note Loan Terms:  The note states that interest began accruing on November 24, 2021 – more than a year before the document was signed. Repayment was set in four $27,500 installments starting March 1, 2023, and to be paid in full by December 31, 2023, using fees collected from the Deerfield property owners. Bank statements reveal a $5000 payment in 2021 and three (3) payments of $27,500 (a total of $82,500) in 2023 from the Deerfield Resort bank account where property owner's Security & Maintenance fees are deposited.

 

Concerns about the Promissory Note

 

1. Confusion Over Loan Amounts

• Why did the Loan amounts change several times during depositions? This creates confusion and distrust of the Fields financial accountability.

 

2. Backdated Interest and Questionable Terms

• The note claims interest started in November 2021, though it was signed in December 2022 and disclosed in June 2023.

• Without evidence of a prior agreement, the backdated interest may be unenforceable, casting doubt on the loan’s legitimacy.

 

3. Lack of Documentation and Transparency

• No supporting documentation has been provided to verify the total loan amount or changes.

• Why was the promissory note only disclosed after depositions? This raises transparency concerns with the financial practices of the Fields.

 

4. Use of Security & Maintenance Funds Without Owner Notification

• The repayment is being made using Security & Maintenance fees collected from Deerfield property owners, without informing them of the loan agreement.

• This raises concerns of a potential breach of fiduciary duty under Tennessee law and exposes Fields Real Estate and Fields Development to possible legal action from property owners.

 

Financial Impact on Deerfield Resort

• Risk to Deerfield Services: Redirecting funds to cover loan payments may impact maintenance and community improvements, ultimately affecting property owners.

 

Conclusion

The financial management of Fields Real Estate and Fields Development has raised serious concerns due to mishandling loans and lack of transparency. Issues such as unclear loan amounts, backdated interest, insufficient documentation, and using Security & Maintenance funds without owner consent highlight the need for strict oversight and accountability. Deerfield Resort property owners and the future Board of Directors must seek clarity and ensure fiduciary duties are honored to protect the community’s financial health. Transparent and responsible financial practices will help secure the resort's budget and foster a reliable environment for all stakeholders.

 

View the Promissory Note here

View the Repayment Checks (3) here

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